MEXICO CITY (Reuters) -Steel producer Ternium reported a 21.4% decrease in second-quarter net profit on Tuesday, as shipments remained flat and steel prices dropped, prompting it to forecast lower core earnings for the current quarter. Net profit for the second quarter totaled $736 million, down from $936 million in the year-ago quarter. Profit in the…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. A double dose of the U.S. Treasuries and dollar ‘pain trade’ looks set to put Asian markets on the defensive on Wednesday, with investors also bracing for South Korean inflation figures and an expected interest…
(Reuters) – Lumen Technologies reported a massive quarterly net loss of $8.74 billion on Tuesday, hurt by an impairment charge of nearly $9 billion in the second quarter. Shares of the Monroe, Louisiana-based company, which has lost more than 61% of their value this year, dropped more than 8% in trading after the bell. The…
By Ann Saphir (Reuters) -U.S. central bankers, less than a week after raising interest rates for an 11th time since March 2022, expressed hope they can beat inflation without cratering the job market, though they also said doing so will require keeping rates high for some time. “I’m kind of, I’m closet optimistic … my…
VF Corp cut its annual revenue forecast on Tuesday, signaling a slowdown in demand for its apparel and sneakers from price-conscious consumers, especially in North America. With the Federal Reserve further raising interest rates to combat high inflation, already shrinking consumer wallets have resulted in shoppers moving away from pricier products and spending their dollars…
By Bernardo Caram and Marcela Ayres BRASILIA (Reuters) – Delays and disappointments on revenue-boosting measures have made it harder for Brazil’s government to balance its budget and erase a primary budget deficit by 2024, as promised in a new fiscal framework. Those proposed budget rules have calmed investors nervous about an explosion of public spending,…
WASHINGTON (Reuters) – Former U.S. President Donald Trump said on Tuesday that he had heard that Special Counsel Jack Smith would announce an indictment against him at 5 p.m. (2100 GMT), according to a post on Trump’s Truth Social app. Trump already faces criminal charges in two other cases as he campaigns to regain the…
(Reuters) – Prudential Financial on Tuesday reported a 21.5% rise in second-quarter adjusted profit as the insurer’s U.S. unit benefited from a higher net investment spread and more favorable underwriting. Its U.S. businesses reported adjusted operating income of $956 million for the second quarter, compared with $573 million a year ago. Investment returns at major…
By Lisandra Paraguassu and Anthony Boadle BRASILIA (Reuters) -South American trade bloc Mercosur officials met on Tuesday to agree on their counterproposal to a European Union addendum on a long-awaited trade deal before meeting with EU negotiators in August in the hopes of closing the accord by year-end, Brazilian diplomats told Reuters. The four-nation Mercosur…
(Reuters) -Chesapeake Energy on Tuesday posted a fall in second-quarter profit due to lower natural gas prices and production. The U.S. oil and gas company’s profit fell to $391 million, or $2.73 per share, in the quarter ended June 30, from $1.24 billion, or $8.27 per share, from a year earlier. U.S. natural gas prices…
